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Cogent Communications Offers $206 Million in Secured Notes Backed by IPv4 Addresses

Cogent (CCOI) recently announced that it was offering secured notes for $206M. The unusual part is what it’s using as security: some of its IPv4 addresses and the leases on those IPv4 addresses. Cogent has been leasing out addresses for several years. All internet service providers (ISPs) give IP addresses to their users, but Cogent was among the first to lease those addresses independently of internet access.

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